The US dollar is expected to remain the settlement currency for most of China’s trade. Photo: Roy Issa

China’s cut of US dollar weighting in key index will boost global fortunes of yuan, economists say

  • China has cut the US dollar weighting in a key yuan exchange rate index for only the second time since 2015
  • The change will help reduce China’s reliance on the American currency and promote greater international use of the yuan in financial transactions
Topic |   China economy

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The US dollar is expected to remain the settlement currency for most of China’s trade. Photo: Roy Issa
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Orange Wang

Orange Wang

Orange Wang covers the Chinese macroeconomy, and has many years of experience with China's monetary and fiscal policy moves. He also covered global market and financial news for a long time, with a particular focus on new technologies and their influences on economic growth and society. Before joining the South China Morning Post, Orange worked as a Shanghai Correspondent for ET Net, a Hong Kong financial news agency.